CNPV Introduces World's First Guaranteed 'All-Risks' Crystalline PV Module and Installation InsuranceBy Cnpv Solar Power Sa Willis Gmbh Co. Kg, PRNE
Tuesday, April 27, 2010
LUXEMBOURG, DONGYING, China and FRANKFURT, April 28, 2010 - CNPV Solar Power SA, a leading integrated manufacturer of solar
photovoltaic products from the production of ingots, wafers and cells to the
assembly of PV modules that designs, manufactures and supplies highly
efficient and cost effective crystalline solar photovoltaic modules, today
announced that it has entered into a long-term performance warranty insurance
for PV Modules and installation with Willis.
(Logo: www.newscom.com/cgi-bin/prnh/20081103/CNM010LOGO )
The two organizations, underwritten by reputable insurers from Europe,
join forces to provide a new form of solar PV Module insurance and
installation cover. As both companies are specialists in their own right,
CNPV in high technology Solar Photovoltaic Ingot to Module Manufacturing, and
Willis in worldwide leading insurance broking, it made sense for them to
create this new wide ranging unique solution.
CNPV offers a performance guarantee on the power output of its PV Module,
and now together with Willis, the power output is not only guaranteed but is
also insured for 25 years. The insurers will indemnify for any reduction in
power loss from CNPV's warranted, 90% guaranteed energy output in the first
10 years and 80% in the following 15 years. Additionally the insurance also
covers expenses which might become necessary when recovering the formerly
certified energy output. PV module satisfaction is also tied to replacement
in the event of incorrect manufacture. CNPV guarantees their modules are
defect free as a result of manufacture for 10 years, additional insurance is
provided within the new product solution.
CNPV and Willis created a further benefit to solar system buyers by
combining an "All-Risks" cover, together with this Guarantee Insurance. This
additional insurance covers risks which might lead to damage, destruction or
loss of insured property due to e.g. operating errors, vandalism, theft,
natural disasters. Furthermore it not only covers property damage but also
resulting business interruption claims. The "All-Risks" cover is initiated by
CNPV for one year, after which, Clients from CNPV can extend this one-year
"All-Risks" cover for an attractive premium.
This benefit will be further enhanced by a so-called "less revenue
insurance", covering revenue losses (on the basis of a survey), not caused by
willful intent or gross negligence. Consequently, this cover does not require
property damage in comparison to the usual products.
In preparation for this concept, Special Risks experts lead the
development, involving several months of detailed examination of CNPV's high
quality standards and manufacturing processes. This indicates that they are
prepared to insure their customers.
This leads to a winning combination for the end user, financier,
investors and project developers. Now, the installed system is insured to
provide the predicted financial returns of PV Modules performance, allowing
greater business certainty and giving operators of solar power parks the
opportunity to deploy CNPV modules to finance photovoltaic installations more
easily and with increased flexibility.
COO, CTO & Board Member of CNPV, B. Veerraju Chaudary was clearly
satisfied with this agreement: "For our clients, this insurance solution is a
major stepping-stone in financing photovoltaic projects. It ultimately gives
operators of solar parks additional economic security in the event of an
unforeseen loss in performance of the PV Modules and installation."
"As a specialist in high risk reduction and provision of additional
security for business and investors, we are delighted to have launched the
evaluation and creation of this unique offering. It combines our areas of
expertise as well as our corporate philosophy of providing peace of mind and
financial security to this growing and important market. We are equally
delighted to be involved in the shaping of the support structure that is
offered by CNPV to the satisfaction of their clients," enthused CEO of Willis
Germany Mr. Mathias Pahl.
All cooperation partners look forward to a successful and trustful
CNPV Solar Power SA (NYSE Euronext: ALCNP), through its wholly-owned
subsidiary, CNPV Dongying Photovoltaic Power Company Limited, is a leading
integrated manufacturer of solar photovoltaic products. For further
information, please visit CNPV's website at www.cnpv-power.com
Willis Group Holdings plc (NYSE: WSH) is one of the world's leading
global insurance broker and risk consultants with more than 400 offices in
nearly 120 countries and a global team of approximately 20,000 Associates,
serving clients in virtually every part of the world. It provides a range of
insurance brokerage, reinsurance and risk management consulting services to
its worldwide clients, both directly and indirectly through its associates.
Additional information on Willis may be found at www.willis.com/
This press release contains forward-looking statements that are based on
current assumptions and forecasts of the management of CNPV. Known and
unknown risks, uncertainties and other factors could lead to material
differences between the forward-looking statements given here and the actual
development, in particular the results, financial situation and performance
of our Company. The Company assumes no liability to update these
forward-looking statements or to conform them to future events or
For more information, please contact: B. Veerraju Chaudary, COO, CTO & Member of the Board CNPV Solar Power SA Direct Land Line: +86-546-7795053 Mobile: +86-13656-473355 Email: firstname.lastname@example.org Joachim Mailaender Head of Marine Department Germany Willis GmbH & Co. KG Solmsstrasse 71-75, 60486 Frankfurt Main, Germany Phone: +49-69848455-1243 Fax: +49-69848455-1320 Mobile: +49-1716084472 Email: email@example.com
B. Veerraju Chaudary, +86-546-7795053, Mobile: +86-13656-473355, chaudary at cnpv-power.com; Joachim Mailaender, +49-69848455-1243, fax: +49-69848455-1320, Mobile: +49-1716084472, achim.mailaender at willis.com
Tags: April 28, China, China And Frankfurt, Cnpv Solar Power Sa; Willis Gmbh & Co. Kg, Czech republic, Dongying, Luxembourg, Western Europe